Hilltop Credit Partners continues regional SME housebuilder support with loans totalling £19.6m
Funds advised by Hilltop Credit Partners Limited (“Hilltop”), a leading real estate credit investment manager, have completed two loans, totalling £19.6m, to support the delivery of much-needed regional homes in Oxfordshire and Perthshire.
In Scotland, Hilltop Credit Partners has provided Glenisla Developments Ltd, a Scottish property development company, with a £17m refinancing loan to enable the completion of a residential-led mixed-use development totalling 200 homes and a pre-sold state-of-the-art 60-bed care home specialising in Dementia care. The facility will re-finance the existing lender and deliver the care home, which is pre-sold to healthcare group Care Concern, and the third phase of the residential development, totalling 25 two and three-bed bungalows.
Located in Pitcrocknie Village, Alyth, the multi-phased development also includes a 9-hole golf course, restaurant, three commercial units and communal gardens. With a gross development value of £22.7m, the site benefits from its rural location within the picturesque Vale of Strathmore and is within proximity to local amenities as well as commuting distance to both Dundee and Perth.
In Oxfordshire, a £2.6m whole loan facility will support Pars Development, an independent property developer specialising in executive housing, with the delivery of 10 luxury family homes. Located in the sought-after commuter town of Shrivenham, close to Cirencester and Oxford, the site has a gross development value of £3.5m and is due to be completed by the end of June this year. Hilltop Credit Partners has a long-term relationship with Pars Development, having previously provided funding for developments in Latton and Brinkworth in Wiltshire.
Paul Oberschneider, CEO and founder of Hilltop Credit Partners, commented: “We take a long-term partnership approach in supporting entrepreneurial SME housebuilders such as Glenisla Developments and Pars Development with the delivery of homes across the UK, as we navigate the current market and funding challenges faced by many developers. With the pressure of higher construction and financing costs, SME housebuilders require the support of lenders like ourselves offering flexibility, competitive pricing and the certainty of funding. As pockets of the lending market step back, this creates additional demand for our strategic financial credit structures, in particular in the refinancing space.”
Malcolm Officer, Glenisla Developments Ltd, added: “The support of highly experienced and well-capitalised alternative lenders like Hilltop Credit Partners is critical in enabling us to deliver much-needed residential developments across Scotland. We have identified new sites, including a development in the UK, and look forward to bringing them forward with the support of Hilltop.”
The news follows the announcement of chief investment officer, Claudiu Gheorghita, who joined from Nomura to continue to build Hilltop’s loan book across the UK and bolster the firm’s expansion into the European market; and the completion of a £4.6m bridge loan facility for the acquisition of a brownfield development site in Leeds to Pascoe Homes, a developer of affordable, modern and eco-friendly homes.